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STR Smart Lock Cost Calculator
Smart locks enable contactless check-in, save key handoff time and reduce key-loss replacements.
5-year net savings
$6,350
Payback
3 mo
Annual savings
$1,334
How the math works
Savings = (handoffs × value) − hub fee − batteries. 5-yr net = 5 × annual − install.
120 × $12 = $1,440 − $96 − $10 = $1,334/yr. $320 / $1,334 = 2.9 months.
How to Use
- Enter lock + install.
- Enter monthly hub fee.
- Enter annual battery cost.
- Enter key handoffs avoided / yr.
- Enter value per handoff.
- Read 5-year net savings.
Frequently Asked Questions
Smart lock options?
Standalone: Schlage Encode $260–320 (Wi-Fi). August Wi-Fi $230. Yale Assure $250–300. RemoteLock OpenEdge $200–600 (commercial). Software integration: PMS push (Hostfully, Hospitable, OwnerRez) auto-creates codes per booking. Lock battery: 4–8 mo replacement, $5/yr per door. Best practice: backup mechanical key in lockbox, change codes per stay, rotate every 6 mo for staff/maintenance. Add-on: external Wi-Fi range extender $40–80.
How does this fit STR underwriting?
Short-term rental investors stack this calculator with AirDNA market data, channel mix analysis, seasonal pricing, and HOA/regulatory review. Net contribution after PM, cleaning, supplies, utilities, taxes, insurance and platform fees should be the underwriting target — gross revenue alone is misleading. Always validate with at least 12 months of comp performance.
Airbnb vs VRBO vs Booking economics?
Airbnb: 3% host fee + 14% guest fee, strong urban demand, cancellation policies host-controlled. VRBO: 8% per booking, family/group oriented, longer stays. Booking.com: 15% commission, instant book required, more international. Direct booking: 0% but requires marketing investment. Most STRs use 2–3 channels for 15–30% lift.
Regulatory risk?
STR regulation is fragmenting fast: outright bans (NYC, Honolulu certain zones), licensing caps (SF, Boston, Santa Monica), occupancy taxes (most cities now), HOA bans (private). Always verify zoning, licensing, and HOA rules before underwriting. Insurance and liability waiver also critical. Owner-occupied vs investor STR rules differ materially in many jurisdictions.
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